Malaysia keeps August crude palm oil export duty at zero percent

Malaysia kept its export duty on crude palm oil for August unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board’s website on Tuesday, reports Trend referring to Reuters.

The duty has been at zero percent since September.

Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 1,905.38 ringgit ($463.93) per tonne for August. Any price above 2,250 ringgit incurs a duty.

The Southeast Asian nation said in May it would defer the imposition of export duties on crude palm oil to Dec. 31 in efforts to boost palm oil exports and expand into new markets.

Malaysian benchmark palm oil futures 1FCPOc3 were down 0.4% at 1,981 ringgit per tonne in early trade on Tuesday.